Medvedev orders Central Bank to maintain macro-economic stability

He noted that the causes of the current situation in the global financial system are known and are largely connected with the processed taking place in Europe

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GORKI, June 2 (Itar-Tass) —— Prime Minister Dmitry Medvedev instructed the Central Bank to continue to main macroeconomic stability in the country, including by way of interventions in the currency market.

“There can be different emotions of course, but there are rules and the Central Bank must abide by them, including with regard to the currency band, stepping up interventions, while watching the overall macroeconomic situation, naturally, European trend and resource trends,” Medvedev said at a meeting on Saturday, June 2, that focused on the state of financial markets and the impact of the global financial market on the Russian economy.

The prime minister noted that the causes of the current situation in the global financial system are known and are largely connected with the processed taking place in Europe.

“Our task is the same – to watch the current situation calmly and, wherever necessary, correct certain proportions in our financial system, taking guidance mainly from the approaches that were worked out during the global financial crisis and after it,” he said.

Medvedev recalled that there is a set of tools and criteria for that, which the Central Bank has to use as the main regulator of financial activities in Russia.

At the beginning of the meeting, Medvedev asked Central Bank Chairman Sergei Ignatyev to speak about how the current situation impacts the Russian economy and about the measures the Central Bank “has taken and will take in order to maintain macroeconomic stability”.